ValBrickates Kennedy

The Amex Biotechnology Index gave up 0.6% to 611.43 points and the Amex Pharmaceutical Index inched up 0.2% to 322.31, as the broader market struggled to digest the economic impact of Hurricane Katrina.

Vasogen was the biggest loser, nose-diving 44% to close at $2.38, after reaching a session low of $2.10. The company said it was halting a Phase III clinical trial for its drug Celacade after preliminary data showed it was ineffective in treating peripheral artery disease.

Momenta
MNTA, -2.41%
saw its shares retreat 8% to $24.88, despite announcing that it had filed for U.S. regulatory approval of a generic version of Sanofi-Aventis' cardiovascular drug Lovenox. Momenta plans to market the drug with Novartis.

Momenta said that Lovenox, which is used to prevent deep vein thrombosis and acute coronary syndromes, had sales of $2.4 billion in 2004. Lovenox is a version of the generic drug heparin.

Amylin Pharmaceuticals
AMLN
fell 3% to $31.70. The drug developer said it had filed a shelf registration to sell $157 million shares at $31 each. The transaction is expected to take in about $152 million.

The standout on the positive side was Neose Technologies
NTEC, -2.33%
Shares of the biotech group shot up 10% in afternoon trade to close at $2.62.

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